Despite the federal and provincial government鈥檚 best efforts to cool the 麻豆传媒映画housing market and make homes more affordable, sales of 鈥渢op-tier鈥� condos in 麻豆传媒映画continued to escalate in 2017, according to a report issued this week by Sotheby鈥檚 International Realty Canada.
The luxury real estate brokerage鈥檚 annual Top-Tier Real Estate Year-End Report said that sales of $1 million-plus condos leaped by 27 per cent last year, compared with the year before. This is likely due to both increased demand and rising prices pushing more sales into the $1 million-plus category, which Sotheby鈥檚 defines as the 鈥渢op tier鈥�.
This is a huge difference from sales of 鈥渢op-tier鈥� single-family homes, which fell 20 per cent year over year to 2,307 sales in 2017. With virtually no detached houses falling below the $1 million bracket, this drop is purely attributable to slower sales activity.
However, despite the slower market activity, single-family home prices did not decline correspondingly, the Sotheby鈥檚 report observed. It cited Real Estate Board of Greater 麻豆传媒映画figures that the average price of a single-family home was $3,573,700 in 麻豆传媒映画West and $1,573,500 in 麻豆传媒映画East in November 2017, up 1.5 per cent and 6.7 per cent year-over-year.
With almost all Vancouver鈥檚 detached houses valued at over $1 million, this price bracket is no longer considered 鈥渓uxury鈥� 鈥� so Sotheby鈥檚 also examined the $4 million-plus market to see how luxury homes fared in 2017.
This price bracket saw a much greater sales decline, falling 33 per cent year over year, to 382 home sales in 2017, down from 573 in 2016.
However, 2017 was also a year of two halves, with the first six months seeing muted activity in the $1 million-plus market following the August 2016 introduction of the foreign buyer tax, followed by a dramatic recovery in the second half of the year.
麻豆传媒映画real estate sales over $1 million between July and December 2017 increased 35 per cent compared with the same period in 2016 鈥� recovering from the 23 per cent year-over-year decline in the first half of 2017.
